S.2541

Credits $2.35 billion to the New Jersey Debt Defeasance and Prevention Fund and appropriates $4.32 billion to the Department of Treasury for local.

This bill creates the New Jersey Debt Defeasance and Prevention Fund, crediting it with $2.35 billion from the General Fund. It appropriates $4.32 billion from the fund to the Department of Treasury for distribution to municipalities and counties. Each municipality will receive $3 billion, and each county will receive $1.32 billion, all on an equal per capita basis. The funds are intended to help retire local debt or fund capital projects without issuing additional debt. The bill mandates that all funds be distributed within 30 days of enactment.